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Farm Ownership
Loan Plan in
Effect 30 Years
The 30th anniversary of the farm ownership loan program under the Bankhead-Jones Farm Tenant Act was observed on July 22, Joseph B, Keesee, County Supervisor of the Culpeper office of the Farmers Home Administration, says. In the 30-year period, 2431 farm operators in Virginia have obtained loans totaling $26,371,627 to change their status from tenants to farm owners or to enlarge and develop their family farms to more effficient units, said F.. C. Compton, Virginia Director of the Farmers Home Administration, which administers the Bankhead-Jones Act. Compton said that the Act established the concept of advancing to tenant farmers supervised, long-term, low-interest credit up to 100% of the value of the farm, allowing them to purchase and develop family-size farms. Ffach loan is based on a sound farm and home management plan and borrowers receive guidance in carrying out planned operations.
“Farm-ownership loans are made only tofarmers whocannot obtain adequate credit else where,” Compton stated. “Repayment of loans has been excellent. The amount of principal written off in 30years is
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84.4%